Mountain Province Borrows $33M After Mine Shuts
RAPAPORT. Mountain Province has taken out an additional $33 million loan from its largest investor to cover the loss of income caused by the cancellation of its May diamond tender.
The miner will receive the short-term loan on top of its existing $25 million revolving-credit facility from Dunebridge Worldwide, whose owner is a 32% shareholder in the company, Mountain Province said Wednesday.
Mountain Province plans to use the money to run the Gahcho Kué mine in Canada, as it is currently facing liquidity challenges after canceling its May rough sale due to a Covid-19 outbreak that shut the deposit for three weeks. At the same time, the company also had large expenses related to the ice road it uses to transport supplies to the site during the winter months. It expects to repay the loan by the end of the year, it noted.
A diamond weighing nearly 101 carats was the star of the Christie’s Geneva auction, bringing in more than $14 million.The rectangular-cut, D-color, internally flawless stone, called the Spectacle, fetched $141,000 per carat at the May 12 Magnificent Jewels sale, which garnered $63.5 million in.
Diamond market restrained due to supply bottleneck as Covid-19 spike in India curbs manufacturing. Trading shifting to Antwerp and other centers. Surat production focusing on larger goods as factories struggle with absenteeism and social distancing rules. Steady interest in 1 to 2 ct., D-J,.
Antwerp Trade Seeks Stronger Ties with Angola
RAPAPORT. Industry leaders in Antwerp visited Angola this week in search of closer trade relations with the up-and-coming diamond-producing nation.
The African country sells only a fraction of its rough diamonds to Belgium, with 90% of goods reportedly going to Dubai. Some 20 CEOs from Antwerp-based diamond companies met with local officials to explore a stronger collaboration, the Antwerp World Diamond Centre (AWDC) said Wednesday.
“Producers across the globe bring their rough diamonds to Antwerp first, because we can guarantee maximum revenue and true market value, yet barely 10% of Angola’s rough diamonds find their way to Antwerp’s open market today,” said Chaim Pluczenik, president of the AWDC, which organized the delegation.
RAPAPORT. Petra Diamonds has agreed to pay $6 million (GBP 4.3 million) to settle violence claims at its Williamson mine in Tanzania.Some 71 anonymous claimants brought accusations of human-rights breaches at the site over several years. UK-based nonprofit Rights and Accountability in.